Question: Choose the incorrect statement from the definitions below. A simple contract may be oral or written but is not under seal. An express contract is

Choose the incorrect statement from the definitions below.
A simple contract may be oral or written but is not under seal.
An express contract is one in which the parties have expressly stated their agreement, either orally or in writing.
An implied contract is inferred from the conduct of the parties.
A formal contract is one that is sealed by the party to be bound.
A parol contract is a probationary agreement.

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